Crane Co. Reports Increased Earnings In First Quarter 2013

Crane Co. reported first quarter 2013 earnings from continuing operations of $0.99 per diluted share, compared to $0.86 in the first quarter of 2012. First quarter 2013 results included transaction costs of $2.9 million, or $0.05 per share, related to the $820 million pending acquisition of MEI Conlux Holdings. Excluding these costs, first quarter 2013 earnings per diluted share were $1.04, compared to $0.86 in the first quarter of 2012.

First quarter 2013 sales of $628 million decreased $18 million, or 2.8 percent, compared to $646 million in the first quarter of 2012, resulting from a core sales decline of $15.5 million, or 2.4 percent, and unfavorable foreign exchange of $2.5 million, or 0.4 percent. Operating profit in the first quarter increased 11.0 percent to $86.9 million, compared to $78.3 million in the first quarter of 2012, and operating profit margin increased to 13.8 percent, compared to 12.1 percent in the first quarter of 2012. Excluding the transaction-related costs, first quarter operating profit increased 14.7 percent to $89.8 million, and operating profit margin increased to 14.3 percent.

"We are pleased to report record first quarter [earnings per share] EPS of $1.04 per share, excluding the MEI transaction costs," said Eric C. Fast, Crane Co. chief executive officer, in a prepared statement. "Despite the decline in sales, the impact of our 2012 repositioning actions, continued focus on productivity and solid execution led to record earnings and continued strong operating margin expansion in the first quarter. While we remain cautious on the global economic environment, our backlog position and improving order and quote activity during the quarter supports our full year 2013 sales and earnings guidance. We continue integration planning in connection with the acquisition of MEI, and look forward to a successful closing in the second quarter."

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